Home Buying in Minneapolis>Question Details

israel flores, Home Buyer in 55082

Can I buy a house with an ITIN number?

Asked by israel flores, 55082 Wed Sep 25, 2013

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I DO HAVE A SOCIAL SECURITY NUMBER BUT I OWE TAXES CAN I STILL QUALIFY FOR ITIN
0 votes Thank Flag Link Wed Jan 7, 2015
The US is very open about allowing people who are not citizens to purchase "Real Property" - Land & the improvements that are attached to it. How you pay for it is the more complicated question: Do you use your savings to purchase or are you using borrowed funds? Mortgage lenders are much more careful now than in years past to verify sources of income & monitor transfers of money into the country.
Additionally, when you sell, there are very specific issues that need to be addressed. If certain procedures are not followed, the IRS can seize a large percentage of sale proceeds. Get professional advise from a tax accountant with international experience before you get too deep, so you can get a more complete picture of how the purchase can benefit or limit you.
REALTORS have a designation for agents with specialized international knowledge: CIPS. The Certified International Property Specialist is not someone who just sells property in other countries, it is one who understands the special issues of international Buyers in their local markets. Finding an agent with this designation is something else you can do to make your transaction as smooth as possible.
0 votes Thank Flag Link Thu Sep 26, 2013
Yes you can. Now to get a mortgage, that depends on your credit score, assets, etc.
0 votes Thank Flag Link Wed Sep 25, 2013
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